UPDATE 1-Fuel Systems quarterly profit jumps; shares rise

(Recasts, adds details, share movement)

May 12 (Reuters) - Fuel Systems Solutions Inc (FSYS.O: Quote, Profile, Research, Stock Buzz), a maker of alternative fuel components, reported a five-fold jump in quarterly profit beating market estimates, helped mainly by a strong performance at its transportation business, sending its shares up 16 percent.

The company increased its consolidated revenue outlook for 2008 to $320 million. It said in April that it was on track to post revenue of at least $290 million.

Analysts on average were expecting revenue of $300.2 million for 2008, according to Reuters Estimates.

First-quarter net income rose to $6.2 million, or 40 cents per share, from $1.0 million, or 7 cents per share, a year ago. Revenue rose 72.6 percent to $94.6 million.

Analysts had expected earnings of 19 cents a share, excluding exceptional items, on revenue of $76.7 million.

Shares of Fuel Systems rose $3.09 to $22.26 in trading after the bell, after closing at $19.17 Monday on Nasdaq. (Reporting by John Tilak in Bangalore; Editing by Gopakumar Warrier)